(Note: This applies to residential customers; business customers should contact us for more info.)

Customers often ask us about security deposits. We require a deposit – normally in cash – to secure your outstanding account balance. The amount of the deposit is based upon the type of heat at your residence or its history of electric usage. We typically require deposits from customers who are either new to AEP Ohio or have had trouble paying their bills on time.

Do I have other options?

In lieu of a cash deposit you may provide either:

  • A guarantor who agrees in writing to be financially responsible for some portion of your account. The guarantor must meet certain guidelines to qualify.
  • A letter from another utility showing on-time payment for at least twelve months.

Will I earn interest on my cash deposit?

Yes. As long as we hold your deposit for least six months, you’ll earn interest at a rate of 3% per year from the date you paid your deposit.

Will I get my deposit and interest back?

Your deposit plus interest will be applied to your account after one year, provided no more than two bills were paid late. If any bills are paid more than 30 days past their due date then the deposit and interest won’t be applied.

If you close your account, any remaining deposit plus interest will be applied to your final AEP Ohio bill. (Interest is earned after a deposit is held six months.)

More questions? Please contact our Customer Solutions Center at (800) 672-2231.

8 responses to “Why Do I Have to Pay a Security Deposit?

  1. If I am transferring service to say, next door, will I have to pay an additional security deposit?

    I have lived at my current address for 3 months, and I have just finished paying off my security deposit. So, I was wondering if moving next door to a relatives previous address will cause me to have to pay another security deposit on my electric account.

    1. Good question, Brandon. If you’re transferring service, the deposit will transfer to the new address. The best way to ensure this is to apply for the new address and close the existing address at the same time.

      If you’re going to have both accounts in your name, you’ll need to to provide a deposit for the second account. Typically we require about a 12 months of prompt payments to establish creditworthiness, so your standing will be affected by your service history first account. Hope that helps!

  2. If we sign as guarantor for our son to start service at his apartment, how long do we remain responsible for his service? Thanks

    1. Hi Shane. Thanks for asking. The guarantor is in effect until the customer pays 10 of 12 bills on time. Hope that helps — have a great day!

  3. Hello,
    I was trying to contact AEP to stop my service and get my deposit, since I am overseas at the moment.
    I used the e-mail you provided, but was not working. could you please, provide me with a “good” e-mail address? By the way, an 800 number will not help.

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